Avalanche blockchain now hosts the Euro currency (EUROC)

The Stablecoin Issuance Circle has introduced the Euro Coin (EUROC) to the Avalanche Network, marking the second blockchain to support the asset. Backed by the 1-1 euro, EUROC provides developers with another means of serving users through integration into decentralized applications (dApps).

Circle’s Euro cash joins the Avalanche ecosystem

The Stablecoin Issuer Circle has successfully launched its stablecoin EUROC on the Avalanche Network. The move makes Avalanche the second blockchain platform to support the Eurocoin, after its initial launch on Ethereum last year.

The euro acts as a stable currency that is backed by the euro, and maintains a 1-1 ratio. Basically, for every euro coin minted, one euro must be deposited into a bank account that backs the euro stablecoin. Circle, the company behind the USDC stablecoin, created the Euro currency.

The team claims that the cash backing the euro is held in leading financial institutions, ensuring transparency and trust.

Circle posts monthly updates and submits annual audits regarding its paper reserves to the US Securities and Exchange Commission (SEC), which enhances trustworthiness.

Avalanche, an innovative blockchain platform, addresses the blockchain trio of scalability, security, and decentralization through its unique Proof of Stake (PoS) mechanism.

Similar to Ethereum, Avalanche supports smart contracts, enabling decentralized applications (dApps) to be executed on its network.

Using the Solidity language, which is commonly used on Ethereum, Avalanche aims to enhance blockchain interoperability by integrating several decentralized financial (DeFi) systems, including projects like Aave and Curve.

Avax price analysis

AVAX, the native token of the Avalanche platform, powers transactions within the ecosystem. It serves as a means of distributing system rewards, participating in governance, and facilitating network transactions by covering fees.

At the time of writing, Avalanche is priced at $14.07, with a market cap of $4.70 billion. AVAX has a 24-hour trading volume of $142,150,612 million.

On the daily time frame, AVAX has seen an increase of 0.1%, while in the past seven days it has seen a decrease of 5.2%. The circulating supply of AVAX is 334,600,527, according to CoinGecko.

Support levels for AVAX are located at $13.80 to $13.21, which indicates the range where the price is expected to find stability. On the contrary, resistance levels are expected between $14.50 and $15.20, which indicates potential price barriers that might need to be crossed for more bullish movement.